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What bank does the future hold?

The technological revolution is affecting all industries, transforming all kinds of industries. This is why, in this digital age, more and more people are talking about the future of banking and its transformation into electronic banking, a sector that has very valuable raw materials; customer data.

Banking is typically protected by customer trust because citizens need that trust to deposit their savings, make investment plans, or simply place their payroll or pensions. If the banking industry of the future were 100% Internet-based, what would happen to customer trust?

The bank is the center of our personal finances, and we all need a bank account, credit or debit card. If these efforts are transformed and started digitally, it could cause distrust in those citizens who do not support or are unfamiliar with this digital age.

Bank employees are an influential factor for customers who go to banks, so if technological change affects employees, who will take care of a personalized relationship with the customer? Who will try to reassure or help the customer in their efforts? If the future of banking is based on technological transformation, banking must adapt this change to the needs of its customers:

  • There are more and more mobile banking users every year, more and more people are choosing mobile banking to check their finances, but the bank could provide more information about this channel to those who are unfamiliar with the specifics of mobile banking. Transactions that can be done through this medium and from anywhere, without having to go to a bank branch.
  • More specialized workers to provide more specific information about technological advances in banking. If this change leads to the disappearance of offices and therefore jobs, there must remain employees who can provide the information needed to solve customer problems and have more detailed information about banking products or services.
  • Strengthen cybersecurity and communicate the measures they are taking to protect customer data in electronic banking. This is a major disadvantage caused by customer distrust of this type of banking, because no one wants their personal data to become public and affect their intimate life.